What are the industries disrupted by Blockchain Technology?
Posted by Bessie joans on November 19th, 2020
"What so special in blockchain technology?" yes, it has distinct features that differentiate it with a unique capability in handling databases and liability. The ownership of the digital product is quite a difficult task as it is available online, Anonymous people can claim ownership.
The loss may be high for rich products like bitcoin, and digital assets. Whereas with the help of Blockchain database and handled securely, without any dispute on the ownership of the assets.
If we could manifest our creation and ownership of digital commodities in a blockchain database, we could likely attain changeless proof. The ownership details will be stored on the blockchain, and it will be infeasible to modify that truth. The blockchain authorizes a more reliable tool to sustain the transfer of digital ownership.
Enterprise Blockchain Solutions providers are researching new ideas and plan to automate the business process with Blockchain Technology.
Annual global spending on blockchain applications has increased since 2017. Spending on blockchain solutions will reach nearly B by 2023, according to CB Insights’ Market Sizing Tool.
The banking sector is spending a large amount of their revenue in the maintenance process, due to the human involvement in verification and validation of the transactions. Blockchain has a shared distributed ledger recording all the transaction with time stamp and that is impracticable to alter the transaction stored on the Blockchain. Blockchain is also adopted for cross-border transactions as it is very efficient, accurate, and transparent in handling the transactions among the parties eliminating third-party involvement.
Blockchain company Ripple has connected with financial institutions like Santander and Western Union intending to advance the efficiency of cross-border payments.
Swiss bank UBS and UK-based Barclays are both testing with blockchain as a way to assist back-office functions and settlement, which some in the banking industry say could cut up to B in agent costs.
In May 2019, Barclays spent in Crowdz, a blockchain-based B2B payments startup that helps firms handle payments and automate digital inventories.
BanQu is a blockchain company joined with AB InBev to aid payments for the farmers in cassava, Zambia. It helps in tracking the supply chain of the agricultural products and helps them with the digital payments to them with help of the mobiles, even they don't have bank accounts.
Voting is a tedious process in the case of densely populated countries like India, where it requires a lot of resources and human involvement in the polling and counting process. Whereas paper polling method is upgraded with the Electronic voting machine, but they are susceptible to hacking and altering the data on the machine through political influences of the people.
Invoking Blockchain in the voting process would be a great and secure way of conducting elections with less resource and human involvement.
As Blockchain has no central control over the data and shared distributed ledger, elections conducted on various districts, cities can be stored on the distributed ledger to assure the data integrity, accuracy, and transparency in the votes polled on the election process. It also helps in casting votes with two-way authentication methods for verifying and validating the casted votes and helps in the counting process that is the crucial part of the election.
Blockchain is the result of inventing Bitcoin, where it is to secure the virtual currency on the online platform. It helps in cybersecurity risk by eliminating human involvement in handling digital assets.
Cryptocurrency is exponentially growing in the global business due to its decentralized mechanism as it avoids third-party involvement in financial transactions. Exchanges are operating on the secured blockchain platform to provide efficiency, reliability, and transparency in the trading among the parties.
EDUCATION AND ACADEMIA
Academic credentials are universally recognized and verifiable.
The education sector is far from this digital world till now they use tedious paper verification and validation for providing academic credentials to the learners. Blockchain technology is deployed in this process for verifying and validating the certificate issuance, and it is stored on the blockchain for future usage, and this helps in eliminating the fraudulent claims against educational credits. Sony Global Education organization has combined with IBM to secure and store the student records.
Not only Blockchain helps in the issuance of the educational certification process and is used to simplify managing tasks, decentralize learning materials to make them more available, create an interface for parents to share experiences, and store learning-related data.
The Real estate sector has drawbacks as it lacks transparency and dependent on the paperwork to verify and validating the ownership of the properties. Blockchain can be deployed to help in eliminating paperwork and human involvement in record maintenance of land ownership.
It helps stakeholders with enhanced efficiency, reduces the operational costs for the transactions. Once the documents/details of the owner entered on the blockchain can be used. They referred for future usage without any verification for accuracy, and valuing the property can be done with this.
The Propy is a blockchain-based smart contract platform offering secure property buying on the Blockchain Platform. Here, all the documents are signed and securely stored online, while securities and contracts are recorded on blockchain and paper.
Ubitquity is a startup offering Saas blockchain platform for the financial, license, and lease firms. It is presently operating in Land Records Bureau in Brazil and is used to input property details and record documents through blockchain.
About the AuthorBessie joans
Joined: February 12th, 2020
Articles Posted: 25
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